Photo: Victor J. Blue/Bloomberg (Getty Images) Sam Bankman-Fried testified before a jury for the first time on Friday saying he did not defraud FTX customers or take their funds, according to Bloomberg’s live reporting of the trial. The FTX and Alameda’s founder said that Alameda “borrowed” them, but admitted “a lot of people got hurt.” … Read more
Photo: Michael M. Santiago (Getty Images) Gary Wang, cofounder and chief technology officer for FTX, focused on a single piece of code during his testimony: “allow_negative.” SBF did not code at FTX, so Wang was responsible for orchestrating all of the technical changes at the company. The code “allow_negative” allowed for Alameda Research’s balances to … Read more
Caroline Ellison’s testimony at Sam Bankman-Fried’s trial spread into a second day, digging deep into the state of crypto trading firm Alameda Research’s faulty balance sheets. “We were in a bad situation,” Ellison said, referring to the time period between May and June 2022. “[We were] concerned if anyone found out it would all come … Read more
Photo: Bloomberg (Getty Images) Sam Bankman Fried allegedly entertained a plan to raise capital from Saudi Crown Prince Mohammed bin Salman, according to former Alameda CEO Caroline Ellison in her testimony on Wednesday. Will More Celebs Continue to Join Crypto? | Gizmodo Interview It’s one of many bombshells dropped by Ellison on the second day … Read more
Caroline Ellison, the ex-CEO of Alameda Research, took the stand as the fifth witness for the prosecution in Sam Bankman-Fried’s six-week trial, claiming that the former FTX CEO directed her to commit fraud and money laundering crimes. Ellison added that while she ran Alameda, she took several billion dollars from customers to invest in other … Read more
The Sam Bankman-Fried trial gained steam after a somewhat sleepier first half of the day. That’s when prosecutors and the defense asked a witness and former FTX developer about the technical details of the crypto exchange as well as Alameda Research. But that changed around 4 p.m. when FTX co-founder and CTO Gary Wang took … Read more